Thursday 23rd May: Slew of European manufacturing data on the radar today – remain vigilant
UK Prime Minister May facing calls from within the Conservative Party to resign after the PM unveiled her new Brexit bill, collectively weighed on the pound.
Wednesday 22nd May: Dollar exploring ground above 98.00 ahead of today’s FOMC.
The market witnessed sterling spike higher on speculation UK PM May was to offer major concessions on Brexit in an effort to push a deal through Parliament.
Tuesday 21st May: Dollar teases underside of 98.00 ahead of Fed speak.
The Australian dollar found broad support vs. the majority of its major rivals at the beginning of the week, a reaction to local elections: a surprise win for the Liberal-National coalition.
Monday 20th May: Weekly technical outlook and review.
US dollar index picked up steam, this sent the EUR/USD to a session low of 1.1155 into the week’s close. With limited support/demand visible to the left of current price until reaching Quasimodo support at 1.1130
Thursday 16th May: Weak US retail sales spells trouble for greenback; seen languishing beneath dollar index resistance
The US dollar, according to the US dollar index, largely disregarded the weaker-than-expected April retail sales report Wednesday, though eventually yielded to selling pressure on news US President Trump would delay tariffs on EU automobiles.
Wednesday 15th May: Busy economic calendar ahead – remain vigilant and expect volatility.
With Brexit talks between the Conservatives and Labour gridlocked, as well as easing concerns over US/China trade dispute and a mixed employment report out of the UK, the British pound remained on the defensive.
Tuesday 14th May: Trade tensions rattle markets and propel safe-haven markets into the spotlight.
China broadcasted its decision to hike tariffs on $60 billion worth of American imports despite US President Trump's warnings, consequently escalating trade tension and weighing on the market sentiment.
Monday 13th May: Weekly technical outlook and review
The Australian dollar weakened further against the US dollar over the course of last week, extending losses beneath the 2019 yearly opening level at 0.7042.
Friday 10th May: Trade and geopolitics continues to dictate currencies.
Heading into the later phase of Thursday’s segment the market observed a modest recovery take shape, bolstered on the back of commentary from US President Trump stating it was still possible for the US and China to reach a deal this week.
